Avalanche Network Sees Largest BTC Casting in a Single Day
It is reported that according to Dune data, on March 2, Avalanche cast about 2011 new BTC. b, the largest number of BTC. b castings in a single day, and the to…
It is reported that according to Dune data, on March 2, Avalanche cast about 2011 new BTC. b, the largest number of BTC. b castings in a single day, and the total supply of BTC. b on that day increased to about 8572. Among them, about 1000 BTC. b have flowed into the ecological lending market BenQi.
About 2011 BTC. b were cast on Avalanche yesterday, nearly half of which went to BenQi
Interpretation of the news:
According to recent reports, there has been a significant increase in the number of BTC castings on the Avalanche network. On March 2nd, Dune data reported that Avalanche cast about 2011 new BTC. b, marking the largest number of BTC. b castings in a single day. This caused the total supply of BTC. b on that day to increase to about 8572.
The rise in BTC casting could be attributed to the surge in demand for the cryptocurrency. Bitcoin has been experiencing a substantial growth in value over the past few weeks, reaching an all-time high of over $61,000 in mid-March. This growth has prompted a surge in demand from investors and traders, which could explain why the Avalanche network saw a record-breaking number of BTC castings on March 2nd.
Interestingly, out of the total supply of BTC. b cast on March 2nd, about 1000 BTC. b were reported to have flowed into the ecological lending market BenQi. This indicates that the demand for loans in the cryptocurrency market is also on the rise. BenQi is one of the first decentralized finance (DeFi) applications on the Avalanche network, providing users with the ability to lend, borrow, and earn interest on their cryptocurrency holdings.
This development highlights the growing role of DeFi in the cryptocurrency market. DeFi allows users to access financial services such as lending, borrowing, and trading without the need for intermediaries such as banks. Instead, DeFi applications operate on blockchain technology, providing users with greater transparency, security, and autonomy in their financial transactions.
In conclusion, the increase in BTC casting on the Avalanche network and its flow into DeFi applications such as BenQi is an indication of the growing demand for cryptocurrencies and the shift towards decentralized finance. As the cryptocurrency market continues to evolve, it will be interesting to see how DeFi and other blockchain-based technologies will shape the future of finance.
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